John K. Galbraith and Lester Thurow both believe that the modern corporation
a. follows the MR = MC rule
b. tries to minimize costs
c. hires too few managers
d. is run by managers for managers
e. serves the interests of stockholders
D
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Purchasing power parity holds when the exchange rate is equal to the product of the foreign price level and the domestic price level
a. True b. False Indicate whether the statement is true or false
Which of the following best explains why so many persons with incomes below the poverty threshold income level work very little or not at all?
a. They confront high implicit marginal tax rates. b. They do not enjoy income as much as other people. c. There are no jobs for low-skill workers. d. They often face very low explicit marginal tax rates.
The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000. It has total variable costs of $30,000 and total fixed costs of $40,000. From this we can infer the:
A. shop sells 10,000 ice cream cones. B. price is less than average total cost. C. economic profits are $20,000. D. shop will be closed in the long run.
A medical student's internship at a local hospital is an example of
A. economic income. B. a compensating wage differential. C. an investment in human capital. D. income redistribution.